Which of the following can best explain the clustering of some industries, such as banking and finance in New York City and high-technology computer production in Silicon Valley?
A. Perfect competition
B. External scale economies
C. Comparative advantage
D. Intra-industry trade
Answer: B
Economics
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An increase in which of the following would cause an increase in aggregate supply?
a) labor productivity b) the wage rate c) prices of imports d) consumer spending e) interest rates
Economics
The goal of the business firms in a market economy is to maximize
A. Total sales. B. Total utility. C. Total profits. D. Total welfare.
Economics